In this paper, an adaptive time-frequency analysis scheme is proposed along with a synthesis scheme using an asymmetric window. The proposed scheme is suitable for audio noise reduction with a low delay in the range of 0 to 4 ms. The main novelty of the paper is the adaptive analysis scheme that can adapt to the incoming signal independently in both time and frequency by employing a complex filter on a DFT modulated filter bank. A number of adaptive time-frequency schemes are described that are suitable for low delay and low computational complexity. The adaptive time-frequency scheme is used for the computation of noise reduction gain factors, which are then adopted in a nonadaptive analysis/synthesis scheme. The synthesis scheme uses an asymmetric window to achieve a good tradeoff between low delay and a sharp frequency response. Examples are given of the adaptive analysis and measurements of the synthesis scheme are given to show that the filter bank has a gain dependent nonlinear phase response. Finally, a noise reduction task is performed that shows good performance compared to reference implementations in terms of segmental SNR and PESQ.